AkhilSuryaFS
Short

Axis Bank | Double Top pattern

NSE:AXISBANK   AXIS BANK
Axis Bank had been on a good bull run tracing a rising channel . Strength in bulls looks to have lost steam where it couldn't make new highs.

Right now, looking at the chart we could identify a Double top pattern with neck level at 760. Yesterday's close below the neck level has confirmed the pattern and it would be right to take bear bias. However do look for a retracement for better entry to manage risk-reward.

Target according to the pattern comes in at 700.




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Comment:
Comment:
Though second top is lower the breakdown from channel smells more bearishness. Next week looks interesting. Nice analysis !!
Reply
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